As Kenya marks its 61st Jamhuri Day, President William Ruto highlighted the progress made under his administration’s Bottom-up Economic Transformation Agenda (BETA), emphasizing key targets achieved in various sectors. With a focus on expanding internet connectivity, enhancing financial inclusion, and supporting agriculture, President Ruto outlined a comprehensive strategy aimed at driving sustainable growth and job creation across the country.
Expanding Connectivity and Digital Economy
In his speech at Uhuru Gardens, President Ruto announced ambitious plans to extend internet connectivity to 8.5 million homes and businesses. This initiative also aims to connect over 74,000 public institutions and establish 25,000 public Wi-Fi hotspots nationwide. This expansion of digital infrastructure is seen as a critical step in driving economic growth and bridging the digital divide. By increasing access to the internet, the government aims to empower more Kenyans with opportunities in e-commerce, digital services, and online education crucial for fostering innovation and boosting productivity in the modern economy.
Enhancing Financial Inclusion Through the Hustler Fund
One of the significant achievements highlighted by President Ruto was the successful rollout of the Hustler Fund, which has made affordable credit accessible to 24 million borrowers across the country, totaling Ksh 60 billion in loans. The Hustler Fund’s new product, the Bridge Loan, seeks to facilitate better financial access by allowing Kenyans with good credit scores to transition from personal loans to larger loan amounts with longer repayment periods. This initiative not only supports small and medium-sized enterprises (SMEs) but also empowers individuals to invest in entrepreneurial ventures, thereby spurring economic growth and reducing poverty.
Supporting Agriculture and Food Security
President Ruto also addressed the critical issue of food security, emphasizing that efforts to supply subsidized farm inputs, such as fertilizers, have helped sustain agricultural production. These interventions are part of a broader strategy to avert hunger crises and achieve a food surplus in Kenya. With the country now holding substantial national food stocks 95 million 50kg bags of maize, 9 million bags of beans, 10 million bags of wheat, and 2 million bags of rice President Ruto noted that his administration is on course to build a food-secure nation where every family can afford a meal. By investing in the agricultural sector, the government aims to boost the livelihoods of farmers and enhance productivity in key value chains like maize, tea, sugar, coffee, and dairy.
Transforming Housing and Job Creation
President Ruto’s affordable housing program is another cornerstone of his administration’s strategy, targeting to supply at least 200,000 units annually. Since September this year, 1,200 affordable housing units have been completed, with 4,888 units now available for sale to the public through the Boma Yangu platform. This initiative not only addresses the housing deficit but also creates jobs. Ruto’s goal to increase the number of mortgages from 30,000 to one million is aimed at fostering inclusive growth. The development pipeline for affordable housing now comprises 124,000 units at various stages of completion, with projections to create 1 million jobs over the next four years. This is expected to significantly reduce unemployment and spur economic development through the creation of vibrant communities.
Boosting Export Opportunities
The creation of six flagship Export Processing Zones (EPZs) in Busia, Kirinyaga, Murang’a, Eldoret, Kwale, and Nakuru is a crucial part of the government’s strategy to drive exports and economic growth. These zones are expected to create 30,000 jobs and attract investments, further diversifying Kenya’s economy. In the past two years alone, the government has licensed 80 firms in Special Economic Zones (SEZs) and EPZs, resulting in 14,000 new jobs. With ongoing operationalization of Dongo Kundu and Naivasha SEZs, an additional 26,000 jobs are projected to be created, thereby enhancing Kenya’s competitiveness in global markets.
Conclusion
President Ruto’s BETA programme reflects a commitment to inclusive growth, leveraging digital innovation, agricultural advancements, and strategic infrastructure development. By targeting critical areas such as financial inclusion, food security, affordable housing, and job creation, the government aims to uplift millions of Kenyans, paving the way for a more prosperous and resilient future. As the country continues to implement these transformative initiatives, the impact on economic development, especially at the grassroots level, is expected to be significant, leading to a more equitable distribution of wealth and opportunities across the nation.
